A leading specialist engineering company has etched its name into the winners’ list at the BVCA Vision Awards.
Named the winner for the Midlands region, Precision Micro is a world leader in chemical etching – a metalworking process that provides a more cost-effective alternative to conventional sheet metalworking technologies and in some cases, the only method suitable for creating mission-critical metal components.
The ability to deliver technological sophistication at attractive costs is leading to growth into next-generation energy markets. The company has supported this with investment in its state-of-the-art facility in the West Midlands, as well as significant work on its own ESG goals.
Tim Barrett, managing director of Precision Micro, said: “We are delighted to be recognised with an award from an organisation as prestigious as the BVCA.
“The entire team has worked collectively on delivering some very ambitious goals across both commercial success and our ESG commitments. We are very proud of the results communicated in our latest ESG report and it was therefore pleasing that the awards judges highlighted the progress we’re making in this area.”
Vision 2023 recognises the best teams of 2022 backed by private equity and venture capital. Winners had to demonstrate growth, competitiveness, innovation and ESG, with a focus on the future and the sustainability of the business as well as past performance. The awards are the creation of the British Private Equity & Venture Capital Association (BVCA), the voice of private capital in the UK.
Precision Micro is based in Birmingham but its leading edge 4,650 square metre facility exports 77% of its output – way ahead of the UK manufacturing sector average of 45%. In 2018 the company underwent a management buyout supported by LDC, the private equity arm of Lloyds Banking Group.
This has delivered significant success including annual sales growth in 2022 of 17% versus 2021, while EBITDAE soared by 38%. Its current customer pipeline includes components for autonomous vehicles, electric vehicles, electrified flight, and renewable energy. It is also entering the fast-emerging hydrogen space, providing components for hydrogen powertrains plus hydrogen generation and storage.
Precision Micro’s ESG successes have also been a key driver in its BVCA Award success. Environmental achievements include sourcing 100% of its electricity from renewables and decreasing total waste by 62 tonnes against a backdrop of a fast-growing manufacturing operation with clients in 30 countries. Precision Micro was also able to recycle more than 35% of the water used in its photochemical etching process last year, while waste recycling also increased to 98% from 68% in 2016.
When it comes to its people, the business also took on four new apprentices and three graduates in 2022, as part of its ongoing commitment to offering career opportunities to young people locally. For its current workforce, the business provided almost 80,000 hours of training during 2022, averaging more than 50 hours per employee.
“Our philosophy of forward-thinking is enabling us to penetrate new markets, grow sales and increase our opportunities pipeline,” added Tim. “We’re supporting the exciting developments of new industries such as electric and autonomous vehicles as well as helping businesses across Europe in creating the solutions required to meet their net zero ambitions.
“We’re now applying that same forward thinking to ESG to make our business more sustainable, attract and retain the best talent, and play our part in protecting the environment.”